Forecast budget deficit trimmed, but risks grow

However, the rosier picture for the country’s finances is offset by rising risks emanating from Russia’s ongoing war in Ukraine and global uncertainties which are putting pressure on the projection of 3.8% economic growth for the 2023-24 year.

The latest forecasts are contained in the draft Budget Strategy Paper, a blueprint prepared annually by technocrats at the Finance Ministry as part of the planning process for the next budget.